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TMI Blog2012 (8) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment with interest, then, it should be treated that the assessee has not availed the credit and accordingly, the benefits under para 4.2.6 of the Foreign Trade Policy 2009-2014 cannot be denied while transferring the DFIA. - Writ Petition No. 7033 OF 2011 - - - Dated:- 23-7-2012 - J P Devadhar And R Y Ganoo, JJ. For Appellant : Mr. V. Sridharan, senior Advocate i/b. PDS Legal For Respondent : Mr. Pradeep S. Jetly with Ms. S V Bharucha JUDGEMENT Per : J P Devadhar, J : 1) Rule. Rule, returnable forthwith. 2) By consent, the petition is taken up for final hearing. 3) Although various reliefs are claimed by the petitioner in this Writ Petition, counsel for the petitioner has restricted his argument only to challeng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inputs used in the final products manufactured by the petitioner so that the benefits under 4.2.6 of the Foreign Trade Policy, 2009-2014 are available to the transferee even after the DFIA is transferred. 8. Para 4.2.6 of the Foreign Trade Policy, 2009-2014 reads as under:- 4.2.6 Transferability Once export obligation has been fulfilled, request for transferability of Authorisation or inputs imported against it may be made before concerned RA. Once, transferability is endorsed, Authorisation holder may transfer DFIA or duty-free inputs, except fuel and any other item(s) notified by DGFT. However, for fuel, import entitlement may be transferred only to companies which have been granted authorisation to market fuel by Ministry of P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umbai V/s. Bombay Dyeing Mfg. Co. Ltd. reported in 2007 (215) E.L.T. 3 (S.C.) while dealing with a similar provision has held that the Cenvat credit taken if reversed before its utilisation, it amounts to not taking the credit. Based on the aforesaid decision of the Apex Court, the CBEC has issued a Circular on 8th November, 2007 to the effect that if the credit taken on inputs used in the manufacture of the goods cleared under Notification No.14/2002-C.E. or Notification No.30/2004-C.E. is reversed before utilisation, it would amount to credit not having been taken. 12) Counsel for the revenue sought to distinguish the aforesaid decision as also the Circular dated 8th November, 2011 on the ground that they relate to Notification No.14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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